Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2012 | Oct. 17, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | All State Properties Holdings, Inc. | |
Entity Central Index Key | 745,543 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2012 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,964,181,540 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,012 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2012 | Jun. 30, 2011 |
Current Assets: | ||
Cash and cash equivalents | ||
Total current assets | ||
Total assets | 0 | 0 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 3,507 | |
Accrued interest related parties | ||
Due to related parties | ||
Notes payable officers | ||
Total current liabilities | 3,507 | |
Total liabilities | 3,507 | |
Stockholders' Deficit | ||
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding at March 31, 2012, and June 30, 2011, respectively | ||
Common Stock, $0.0001 par value, 7,000,000,000 shares authorized, 2,964,181,540 and 280,648,909 shares issued and outstanding at March 31, 2012, and June 30, 2011, respectively | 296,418 | 28,065 |
Additional paid-in capital | 121,373,231 | 118,163,898 |
Accumulated deficit | (121,673,156) | (118,191,963) |
Total stockholders' deficit | (3,507) | |
Total liabilities and stockholders' deficit | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2012 | Jun. 30, 2011 |
Statement of Financial Position [Abstract] | ||
Preferred stock - par value | $ 0.0001 | $ 0.0001 |
Preferred stock - shares authorized | 10,000,000 | 10,000,000 |
Preferred stock - shares issued | ||
Preferred stock - shares outstanding | ||
Common stock- par value | $ 0.0001 | $ 0.0001 |
Common stock- shares authorized | 7,000,000,000 | 7,000,000,000 |
Common stock- shares issued | 2,964,181,540 | 280,648,909 |
Common stock- shares outstanding | 2,964,181,540 | 280,648,909 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2012 | Mar. 31, 2011 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating expenses | ||||
Officers' salaries | 44,600 | 216,555 | ||
Professional fees | 49,960 | 69,460 | ||
Office expense | 194 | 891 | ||
Investor relations expenses | 18,979 | 32,111 | ||
Other general and administrative expenses | 1,169 | 464,147 | 3,442,078 | 99,014,282 |
Total operating expenses | 1,169 | 577,880 | 3,442,078 | 99,333,299 |
Loss from operations | (1,169) | (577,880) | (3,442,078) | (99,333,299) |
Other income (expense) | ||||
Loss on settlement of debt | (84,000) | (6,108,861) | ||
Interest expense | (10,943) | (41,335) | ||
Total other income (expense) | (94,943) | (6,150,196) | ||
Net loss | $ (1,169) | $ (672,823) | $ (3,442,078) | $ (105,483,495) |
Basic and fully diluted loss per common share | $ (0.06) | $ (14.71) | ||
Basic and fully diluted weighted average common shares outstanding | 2,830,932,022 | 11,404,459 | 2,041,513,103 | 7,171,355 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Mar. 31, 2012 | Mar. 31, 2011 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (3,442,078) | $ (105,483,495) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Stock issued for anti-dilutive clause | 3,438,571 | 99,235,798 |
Loss on extinquishment of debt | 5,887,345 | |
Changes in assets and liabilities | ||
(Increase) decrease in prepaid expenses | (1,000) | |
Increase (decrease) in accounts payable | 3,507 | 24,113 |
Increase (decrease) in accrued liabilities | 289,869 | |
Borrowings on related party payable | 35,031 | |
Repayments on related party payable | ||
Net cash provided by (used in) operating activities | (12,339) | |
Cash Flows from Financing Activities | ||
Borrowings on debt | 12,000 | |
Net cash provided by (used in) financing activities | 12,000 | |
Net increase (decrease) in cash | (339) | |
Cash and cash equivalents, beginning of period | 622 | |
Cash and cash equivalents, end of period | 283 | |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | ||
Cash paid for taxes | ||
Non-cash transactions: | ||
Conversion of related party debt | $ 281,139 |
Organization, Description of Bu
Organization, Description of Business and Basis of Accounting | 9 Months Ended |
Mar. 31, 2012 | |
Accounting Policies [Abstract] | |
Organization, Description of Business and Basis of Accounting | 1. Organization, Description of Business, and Basis of Accounting Business Organization As of December 1, 2010 the Company began negotiations with targets for the purpose of acquiring the needed interest and performing Business Development activities. The previous Form 10-Q indicated that the Securities and Exchange Commission forms were being prepared. Upon consideration of this action, management of the Company determined that it was not in the best interest of the Company for it to be treated as a formal Business Development Company, subject to the closed-end investment rules of the Investment Company Act of 1940. The Company is negotiating with differing acquisition targets and management believes that terms favorable to the Company for acquisition have been reached, but not yet finalized. The Company is currently attempting to locate and negotiate with eligible portfolio companies to acquire an interest in them. In addition, All State will assist these portfolio companies with raising capital and also offers them substantial managerial assistance needed to succeed. On January 31, 2011, the Company increased its authorized capital stock from 5,000,000,000 to 7,000,000,000 shares. On April 5, 2011, the Company issued a 1 for 500 share reverse stock split. These statements reflect the effects of this reverse split. The Company's fiscal year end is June 30th. The company Accounting Basis The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited condensed interim financial statements should be read in conjunction with the financial statements of the Company for the year ended June 30, 2011 and notes thereto contained in our 10-K Annual Report Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent Income Taxes The Company uses the asset and liability method of accounting for income taxes. At March 31 ,2012 and June 30, 2011, respectively, the deferred tax asset and deferred tax liability accounts, as recorded when material to the financial statements, are entirely the result of temporary and permanent differences. Temporary differences represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily share based compensation and loss on settlement of debt. As of March 31 ,2012, the deferred tax asset related to the Company's net operating loss (NOL) carry forward is fully reserved. Due to the provisions of Internal Revenue Code Section 338, the Company may have no net operating loss carryforwards available to offset financial statement or tax return taxable income in future periods as a result of a change in control involving 50 percentage points or more of the issued and outstanding securities of the Company. Dividends Earnings (Loss) per Share Basic earnings (loss) per share is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements. Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company's net income (loss) position at the calculation date. As of March 31 ,2012 and June 30, 2011, the Company has no issued and outstanding warrants or options. assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassification Certain prior period amounts have been reclassified to conform to current presentation. |
Going Concern
Going Concern | 9 Months Ended |
Mar. 31, 2012 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | 2. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. However, the Company has incurred significant losses and is dependent on obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain the necessary funding it could cease operations as a new enterprise. This raises substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments that might result from this uncertainty. |
Capital Stock
Capital Stock | 9 Months Ended |
Mar. 31, 2012 | |
Equity [Abstract] | |
Capital Stock | 3. Capital Stock The Company has 10,000,000 shares of Preferred Stock authorized at a par value of $0.0001 and none has been issued at March 31, 2012 and June 30, 2011. During the nine months ended March 31, 2012, the Company issued 2,292,380,819 shares of anti-dilutive Restricted Common Stock in contractual obligations to the key officers of the Company. This transaction was contractual in nature and valued at market. The value of these transactions amounted to $3,438,571. On January 10, 2012, the Company announced a 5% stock dividend with a record date of January 31, 2012, which was paid on February 10, 2012. At March 31, 2012 and June 30, 2011, the company had 2,964,181,540 and 280,648,909 common shares issued and outstanding, respectively. These shares reflect the 1 for 500 share reverse split which occurred April 5, 2011. The Company has no other classes of shares authorized for issuance. At March 31, 2012, and June 30, 2011, there were no outstanding stock options or warrants. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2012 | |
Subsequent Events [Abstract] | |
Subsequent Events | 4. Subsequent Events On February 17, 2009, Greenwich Holdings, LLC ("Greenwich), sold the Control Block back to Belmont Partners, LLC ("Belmont") in consideration of $220,000. Said consideration was never paid by Belmont to Greenwich. On August 1, 2012, Belmont returned the Company back to the sole member of Greenwich, Joseph Passalaqua. The Company executed a settlement and release agreement with Belmont wherein Belmont released the Company from all liabilities and claims arising from Belmont's purchase of the Control Block. |